Boston Trading Duo Charged With $30M Forex Fraud

Law360, New York (October 29, 2010, 11:50 AM EDT) -- The former owner of Boston Trading and Research LLC has been arrested, accused along with a partner of defrauding more than 1,000 customers of more than $30 million after recruiting investors to open foreign currency exchange accounts.

Former owner Craig A. Karlis, 50, and head trader Ahmet Devrim Akyil, 38, are accused of wire fraud in the U.S. District Court for the District of Massachusetts. Karlis also faces criminal charges for failing to file tax returns.